Holy fuck is it creepy. The visuals, lighting, music, jumpscares all perfectly capture that horror appeal that makes you want to cry for your parents (haha). The simplicity of the main mechanic (i.e. the 3 plushies) forces you to focus on them and stay on your toes all the time. This was a great design decision that makes Hypnagogia extra scary.
However, the gameplay implementation itself was a bit lacking. Although conceptually amazing, being able to flash quickly between all 3 directions renders the plushies useless. That is my only gripe with this amazing game, which otherwise I would ask for more content.
Congrats on the jam!